EX-12 4 w94556exv12.htm EX-12 exv12
 

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                                             
        Years ended December 31,
       
        2003   2002   2001 (a)   2000 (a)   1999 (a)
       
 
 
 
 
Earnings—
                                        
Pre-Tax income (loss) from continuing operations
   $ 19,972     $ 13,950     $ (95,614 )   $ (303,576 )   $ (184,280 )
Add: Allocated losses (gains) of equity investees
     (40,586 )     —       26,495       119,183       84,545  
   
Fixed charges
     62,324       22,824       26,100       29,613       25,850  
   
Amortization of capitalized interest
     180       182       222       3,846       4,893  
Less: Interest capitalized
     —       —       —       (1,846 )     (3,100 )
 
    
     
     
     
     
 
 
Earnings
   $ 41,890     $ 36,956     $ (42,797 )   $ (152,780 )   $ (72,092 )
 
    
     
     
     
     
 
Fixed Charges—
                                        
   
Interest costs, both capital and expense, and amortization of debt costs
   $ 18,683     $ 17,450     $ 21,671     $ 25,883     $ 22,920  
   
Debt extinguishment expense
     38,836       —       —       —       —  
   
Portion of rental expense representative of interest factor
     4,805       5,374       4,429       3,730       2,930  
 
    
     
     
     
     
 
 
Fixed Charges
   $ 62,324     $ 22,824     $ 26,100     $ 29,613     $ 25,850  
 
    
     
     
     
     
 
 
Ratio of Earnings to Fixed Charges
     0.7       1.6       —       —       —  
 
    
     
     
     
     
 

(a)   Earnings were inadequate to cover fixed charges by approximately $68.9 million, $182.4 million and $97.9 million for the years ending December 31, 2001, 2000 and 1999, respectively.